AMG - More upside as growth projects are kicking in
• After a drop at the start of 2023, the lithium prices have recovered lately which bodes well for future profitability of AMG.• We have raised our FY23 and FY24 EBITDA estimates by 2-5%. In addition, we have seen some re-rating of lithium and specialty metals peers lately. • Despite its recent share price rally (34% YTD), we stick to our view that AMG's substantial growth plans in lithium (and vanadium) are not yet fully priced in. We therefore reiterate our Buy and raise our TP from EUR 50 to EUR 58, based on our 2024E SOTP with a targetAMG Advanced Metaurgical Group NV is a holding company. Through its subsidiaries Co. creates and applies metallurgical solutions to the global trend of sustainable development of natural resources and CO2 reduction. Co. operates in three business segments: the Advanced Materials segment is engaged in the production of specialty metals and alloys; the Engineering Systems segement consists of proprietary technologies for the design and engineering of vacuum furnaces and related equipment used in the production and treatment of metals and alloys; and the Graphit Kropfmuhl's segment extracts, processes and refines natural crystalline graphite
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